Publication
The sensitivity of SME’s investment and employment to the cost of debt financing
| dc.contributor.author | Bonfim, Diana | |
| dc.contributor.author | Raposo, Clara | |
| dc.contributor.author | Custódio, Cláudia | |
| dc.date.accessioned | 2022-04-04T10:47:13Z | |
| dc.date.available | 2022-04-04T10:47:13Z | |
| dc.date.issued | 2019-10 | |
| dc.description.abstract | We use variation in the access to a government credit certification program in Portugal to estimate the sensitivity of SMEs´ investment and employment to the cost of debt financing. Targeted firms have access to a credit certification and loan guarantees. We use a multidimensional regression discontinuity design to estimate real effects. Eligible firms increase borrowing and obtain bank loans at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Eligible firms also exhibit increased return on assets and default less. Industry-level analysis shows reduced heterogeneity in access to credit in more exposed industries | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Bonfim, Diana . Clara Raposo e Cláudia Custódio .2019. “The sensitivity of SME’s investment and employment to the cost of debt financing” .Banco de Portugal. Economic and Research Department. Working Papers nº 15 | 2019. | pt_PT |
| dc.identifier.issn | 2182-0422 | |
| dc.identifier.uri | http://hdl.handle.net/10400.5/23996 | |
| dc.language.iso | eng | pt_PT |
| dc.publisher | Banco de Portugal | pt_PT |
| dc.relation.ispartofseries | Banco de Portugal. Economic and Research Department. Working Papers nº 15 | 2019.; | |
| dc.subject | SME Financing | pt_PT |
| dc.subject | Credit Rating | pt_PT |
| dc.subject | Credit Access | pt_PT |
| dc.subject | Credit Certification | pt_PT |
| dc.title | The sensitivity of SME’s investment and employment to the cost of debt financing | pt_PT |
| dc.type | working paper | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | workingPaper | pt_PT |